In 2016, we expect a 3% recession in Azerbaijan, World Bank Chief Economist for Europe and Central Asia (ECA) Hans Timmer said at a videoconference in Bucharest.
The World Bank expects economic growth of 3% in the next two years. “Because of this, we expect zero growth in the economy of Azerbaijan in these three years,” he said.
Mr. Timmer also said inflation in Azerbaijan will be double-digit this year, and in the next two years it will stabilize.
“Now there is a process of balancing price and inflation is related to the sharp rise in import prices,” he said.
Mr. Timmer stressed the World Bank recommends to stabilize the financial sector. “Falling oil prices also have a negative impact on the banking sector. There is a need to restructure the banks. The volume of problem loans has increased. Measures should be taken in the medium and long term,” he said. --71D
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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